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Saturday, September 17, 2016

Samson » September 17th, 2016Rafidain Bank announces stop an advance of 10 million dinars for state employees

Rafidain Bank announced on Saturday, stopped for granting advance ten million dinars for the staff of government departments, which have been launched recently.

The bank said in a statement received / balances News / copy of it, that "according to the directives issued by the Ministry of Finance and the Minister, it was decided to stop the advance of the ten million dinars."

He added that "the bank will resume the launch of these advances if the ministry's approval and the approval of the minister on this activity."

He was fired in the Rafidain Bank (30 August 2016), the form of electronic submission of the predecessor state officials of the ministries affiliate, which amounts to 10 million Danar.anthy LINK

Gem » September 17th, 2016

Good morning Delta, I see you're up early this morning is there any news you wish to share for Iraqi News channel or any thing you feel we should be aware of from Iraq or what you could be looking for over the weekend?

DELTA » September 17th, 2016

GET READY!!!!

Walkingstick » September 17th, 2016

Obama meets Iraqi prime minister Monday in New York

Sep 16, 2016

WASHINGTON AP b White House announced Friday that President Barack Obama will meet Monday Iraqi Prime Minister Haider al-Abadi on the sidelines of United Nations General Assembly in New York.

He noted Obama adviser Ben Rhodes that the two leaders will discuss the fight against the "Islamic State", especially the ongoing battle to restore the preparations of Mosul, Iraq's second largest city and the last bastions of the jihadist organization in Iraq

The Basel Committee is racing to finish work on the post-crisis capital framework known as Basel III by the end of the year.

World Economy Saturday, September 17, 2016

Enough Is Enough, Basel Committee Told

Some European officials have gone so far as to say that they wouldn’t adopt the (Basel) proposals

At the two-day meeting of the Basel Committee, which concluded on Thursday, Europeans told the world’s top banking regulator that they’ve had enough.

In two heated meetings, regulators from countries including Germany and Italy told the Basel Committee on Banking Supervision that proposed changes to how banks assess credit, market and operational risks must be scaled back and slowed down, according to two people with knowledge of the matter, Bloomberg reported.

Some European officials went so far as to say they wouldn’t adopt the proposals on the table, according to the people, who asked not to be identified because the deliberations were private. If the European Union—home to nearly half of the world’s most systemically important banks—balks at implementing the Basel Committee’s rules, it could undermine the global regulator’s authority and contribute to fragmentation of the industry.

The Basel Committee is racing to finish work on the post-crisis capital framework known as Basel III by the end of the year, and it’s under instructions not to increase capital requirements significantly in the process. The debate in Basel pits bank regulators from Tokyo to Frankfurt against a US-backed push for stiffer standards, which take effect when they’re implemented by national governments.

Negative Consequences

The industry says the proposed revisions to risk-assessment rules and limits on banks’ use of their own models to make these calculations would send capital requirements spiraling.Credit Agricole Deputy Chief Executive Officer Xavier Musca said he’s confident supervisors won’t create “new problems” for the banking sector at a time when there’s a risk of another global economic slowdown. “We have repeated that we need to stop this process of increasing capital requirements and we have got a lot of responses from our supervisors telling us that their willingness is on the same line,” he said on Friday.

Key policy makers have heeded their message. German Finance Minister Wolfgang Schaeuble last week insisted that the Basel Committee not only keep any overall increase in capital requirements to a minimum, but also ensure the rules have no “particularly negative consequences for specific regions,” such as Europe.

The Basel Committee’s members include Japan’s FSA, Germany’s Bundesbank and the US Federal Reserve. Risk Weights

The main focus of the Basel Committee as it finishes up work on the capital framework is on how banks assess the riskiness of their assets for regulatory purposes. For about the past decade, lenders have been allowed to use sophisticated models as long as they have supervisory approval.

In theory, this should give them an incentive to invest in less risky assets and to price assets in line with their risk. Yet supervisors’ practical experience and empirical research have fed suspicions that banks misuse it to understate risks and manage down their capital requirements. That triggered Basel’s reform plan, according to William Coen, secretary general of the Basel Committee.

“If we wanted to increase capital, that would be far easier than what we’re doing at present,” Coen told reporters on Sept. 13. “We’re doing this work to reduce risk-weighted asset variability. And why are we doing that? To restore confidence in the risk-weighted capital ratios and to fully restore credibility to the capital adequacy framework.”

Other disagreements include how the banks’ own models can be applied to certain areas of lending, such as large companies, other banks, or operational risks such as fines and rogue traders.

On top of structural factors that affect balance sheet composition, European banks use internal models more actively than their US peers. Consequently, their risk-weighted capital ratios, the key regulatory gauge, are on average higher than those of their international peers, while risk-neutral measures like the leverage ratio are lower. Basel’s changes could put them in a weaker position.

European regulators told the Basel Committee that its sweeping new proposals, dubbed Basel IV by the industry, were impeding banks’ ability to finance the economy and even to pursue mergers and acquisitions, one of the people said.

The country's central bank said Thursday it will start circulating "bond notes" by the end of October. It said it expects $75 million worth of these notes to be in use by the end of the year.

The southern African country has been using a mix of different foreign currencies -- and most importantly U.S. dollars -- since its own currency collapsed in 2009 during a period of hyperinflation.

To ease its cash shortage problem and stop cash from flowing out of the country, the bank announced it would start printing "bond notes" in denominations of $2, $5, $10 and $20.The country already has "bond" coins that represent U.S. dollar values. For each coin in circulation, there's an equivalent U.S. dollar held in the country's reserves.

"The bond notes will be at par with the U.S. dollar and will be used and treated in the same manner as bond coins," said John Mangudya, the governor of the Reserve Bank of Zimbabwe.

The collapse of Zimbabwe's economy has meant people have to buy almost everything from bottled water to toothpicks from abroad, and that means cash is constantly pouring out of the country.

The notes are not even in circulation yet, but they are already proving very unpopular.Zimbabweans have been demonstrating against their introduction, fearing they might mean a return to the local currency.

The central bank has rejected that idea, saying the current economic conditions mean the country is not yet ready to go back to its own currency. Mangudya also said the notes won't be forced on people who do not like them.

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